The idea for BARR was born out of a community takeover of Fractalcoin, and we wanted to move this struggling coin to a new blockchain. The plan was to create a new coin that functioned better, and honor all coins held on the old blockchain – as long as the old coins were burned, so that the old network wouldn’t continue in competition with the new coin.
It was a good idea, and it’s been successfully done before with other coins. But if we can burn one coin in exchange for a new coin, why not burn more than one coin at the same time?
Why create another altcoin, the same as hundreds of others, when there are already too many altcoins on the market?
And so, instead of adding to the number of altcoins, we’re subtracting altcoins from the market.
Instead of a coin earned only by burning Fractalcoins, we’ve created the first coin that is earned with Multi-Proof-of-Burn. At launch we will burn Fractalcoin, Keycoin, and Sapience. And then we’ll burn another coin, and another coin. We will continue to burn as many different altcoins as we can, each time trying to destroy the coin’s entire supply, until there are no more coins that need to be destroyed.
Our goal is to thin out the crowded altcoin market by bringing multiple coins – and their users – into one project. Most importantly, we’re leaving the old coins behind.
Just as burning bitcoins makes all remaining bitcoins more valuable, burning entire altcoins will make all remaining cryptocurrencies more valuable. We want to reduce the total number of altcoin networks in existence. There are too many, so we’re getting rid of them.